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annette786
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October 17, 2013, 12:06:21 AM
 #1


Today, BTC acted like a real reserve currency. 

Over the past few days, BTC was clearly ignited by concerns over the dollar.  As soon as word of a debt deal was announce, we tanked. Whether or not a hyper inflated dollar would have had any real economic effect on BTC is irrelevant. The perception was there... and enough people familiar with bitcoin actuated a price movement.  I was one of them.

Most interesting, is that the media hasn't picked it up yet.  I've seen them connect dots that simply weren't there (Cypriot and Spanish financial crises), but this was real.  It looks like we get to do it all over again in a few months, so maybe the media won't miss it next time.

BTC is officially a safe haven.


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October 17, 2013, 12:10:24 AM
 #2

Yes, we "tanked" over news that everyone already new.  That obviously the US wouldn't be defaulting.  It would be political suicide for all parties involved, particularly the GOP.


 Roll Eyes
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October 17, 2013, 12:14:31 AM
 #3

I like how now when we "tank" it means we went back to the price we reached just yesterday.

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derpinheimer
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October 17, 2013, 12:16:06 AM
 #4

I like how now when we "tank" it means we went back to the price we reached just yesterday.
This mimics attitude from the bubble so perfectly. Like 1 week after people started saying that, collapse.
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October 17, 2013, 12:20:15 AM
 #5

I like how now when we "tank" it means we went back to the price we reached just yesterday.

more like the kind of movement you might expect from a commodity huh? Wink

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October 17, 2013, 12:21:35 AM
 #6

I like how now when we "tank" it means we went back to the price we reached just yesterday.
This mimics attitude from the bubble so perfectly. Like 1 week after people started saying that, collapse.

Superstition is not useful for pricing bitcoin.
pand70
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October 17, 2013, 12:38:33 AM
 #7


Today, BTC acted like a real reserve currency.  

Over the past few days, BTC was clearly ignited by concerns over the dollar.


I don't thing that the dollar had nothing to do with the price movement. Is there anyone that really thought that the dollar might crash or something?
It was the chinese that made the price explode...

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October 17, 2013, 12:53:19 AM
 #8

When I took my position I sure didn't think it was because an apocalypse was about to occur. I thought this bull market was about bitcoin adoption. If the U.S. collapsed, I'd have a lot more to worry about than bitcoin or money - why on Earth would I want that?

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October 17, 2013, 01:39:15 AM
 #9

When I took my position I sure didn't think it was because an apocalypse was about to occur. I thought this bull market was about bitcoin adoption. If the U.S. collapsed, I'd have a lot more to worry about than bitcoin or money - why on Earth would I want that?

Yes.  I am perfectly content with a $10 drop in price and having congress approve a deal.  I have a feeling it may have been pretty catastrophic for the US otherwise.  It will probably still cause some lingering pains for a while as it is.  Hopefully the distrust will feed the fire needed to get more Bitcoin adopters.

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October 17, 2013, 02:01:22 AM
 #10

Its better than the us is more safe now than if there had be a default.
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October 17, 2013, 02:45:25 AM
 #11

Its better than the us is more safe now than if there had be a default.

There is going to be a default. All they are doing today is ensuring the we have to suffer through another 3 more months of bad economy and bad politics first.

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October 17, 2013, 02:55:49 AM
 #12

Its better than the us is more safe now than if there had be a default.

There is going to be a default. All they are doing today is ensuring the we have to suffer through another 3 more months of bad economy and bad politics first.
3 months to default? I'm really not sure about that. I used to underestimate the government's ability to sustain this monstrosity... not so much anymore. It'll be a while. It's okay -- a US default down the road gives us all more time to pick up some more coins on the way.   Smiley
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October 17, 2013, 03:29:39 AM
 #13

Its better than the us is more safe now than if there had be a default.

There is going to be a default. All they are doing today is ensuring the we have to suffer through another 3 more months of bad economy and bad politics first.
3 months to default? I'm really not sure about that. I used to underestimate the government's ability to sustain this monstrosity... not so much anymore. It'll be a while. It's okay -- a US default down the road gives us all more time to pick up some more coins on the way.   Smiley

The US has already defaulted. Germany asked its gold back last year and the US refused to give it back before 2030 or something.
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October 17, 2013, 03:38:57 AM
 #14

I like how now when we "tank" it means we went back to the price we reached just yesterday.

Muahahahaha!  Grin

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October 17, 2013, 05:01:00 AM
 #15

Its better than the us is more safe now than if there had be a default.

There is going to be a default. All they are doing today is ensuring the we have to suffer through another 3 more months of bad economy and bad politics first.
3 months to default? I'm really not sure about that. I used to underestimate the government's ability to sustain this monstrosity... not so much anymore. It'll be a while. It's okay -- a US default down the road gives us all more time to pick up some more coins on the way.   Smiley

The US has already defaulted. Germany asked its gold back last year and the US refused to give it back before 2030 or something.

What? where are you getting this from? How do we owe Germany gold?

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October 17, 2013, 05:14:46 AM
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Its better than the us is more safe now than if there had be a default.

There is going to be a default. All they are doing today is ensuring the we have to suffer through another 3 more months of bad economy and bad politics first.
3 months to default? I'm really not sure about that. I used to underestimate the government's ability to sustain this monstrosity... not so much anymore. It'll be a while. It's okay -- a US default down the road gives us all more time to pick up some more coins on the way.   Smiley

The US has already defaulted. Germany asked its gold back last year and the US refused to give it back before 2030 or something.

What? where are you getting this from? How do we owe Germany gold?

Many countries store their gold in NY. Germany requested a large portion to be moved back last year. The US refused and negotiated with the Germans and offered them money if they could hold it until 2030 (which they were going to do anyway). They even refused the Germans inspection rights of their own gold (they could only check one of the many vaults).

Many people believe the gold is not there.
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October 17, 2013, 05:19:28 AM
 #17

Its better than the us is more safe now than if there had be a default.

There is going to be a default. All they are doing today is ensuring the we have to suffer through another 3 more months of bad economy and bad politics first.
3 months to default? I'm really not sure about that. I used to underestimate the government's ability to sustain this monstrosity... not so much anymore. It'll be a while. It's okay -- a US default down the road gives us all more time to pick up some more coins on the way.   Smiley

The US has already defaulted. Germany asked its gold back last year and the US refused to give it back before 2030 or something.

What? where are you getting this from? How do we owe Germany gold?

Many countries store their gold in NY. Germany requested a large portion to be moved back last year. The US refused and negotiated with the Germans and offered them money if they could hold it until 2030 (which they were going to do anyway). They even refused the Germans inspection rights of their own gold (they could only check one of the many vaults).

Many people believe the gold is not there.

http://www.nytimes.com/2013/01/17/business/global/german-central-bank-to-repatriate-gold-reserves.html?_r=0

http://www.forbes.com/sites/robertlenzner/2013/01/19/the-germans-want-their-gold-reserves-back-in-germany/

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/01/16/why-germany-wants-its-674-tons-of-gold-back/

http://www.telegraph.co.uk/finance/personalfinance/investing/gold/9804444/Bundesbank-to-pull-gold-from-New-York-and-Paris-in-watershed-moment.html

http://www.spiegel.de/international/germany/german-politicians-demand-to-see-gold-in-us-federal-reserve-a-864068.html

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October 17, 2013, 05:43:00 AM
 #18

The US has already defaulted. Germany asked its gold back last year and the US refused to give it back before 2030 or something.

And then immediately afterwards, the US found it necessary to send military aid to France in Mali:

U.S. steps up involvement in Mali

Coincidentally, Mali produces about 80-100 tons of gold per year.
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October 17, 2013, 09:47:45 AM
 #19

Coincidentally, the Germans also asked the Banque de France, which also holds significants amounts of German gold (or does it), and they similarlu refused and stalled. Shortly after, the French found it necessary to get involved in the minor conflict in Mali for no clear reason.

Mali currently produces the largest annual amount of gold in the the world.
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October 17, 2013, 01:15:10 PM
 #20

Coincidentally, the Germans also asked the Banque de France, which also holds significants amounts of German gold (or does it), and they similarlu refused and stalled. Shortly after, the French found it necessary to get involved in the minor conflict in Mali for no clear reason.

Mali currently produces the largest annual amount of gold in the the world.


Then why are they so poor?
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